NZ rugby union loses over US$7 mil. in 2010

WELLINGTON, New Zealand -- The New Zealand Rugby Union lost NZ$9.4 million (US$7.3 million) in 2010, following a NZ$15.9 million (US$12.4 million) deficit in 2009, but says it expects to make a profit next year.

Union chief executive Steve Tew said Thursday the loss was budgeted for and was the result of the global economic downturn, the cost of hosting this year's World Cup and grants to Super rugby franchises and provincial teams.

Tew said the union expected to make a NZ$10.3 million (US$8 million) profit in 2011 from a NZ$13.4 million (US$10.4 million) World Cup surplus.